The chief executive of Ladbrokes is on course to land the first £2 million of a potential £12 million bonus jackpot amid growing evidence of a turn-around in the bookmaker’s fortunes.

Under a five-year growth plan, Richard Glynn, who took the reins three years ago, will collect one million free shares this time next week if the Ladbrokes share price — down 7.2p to 223.8p yesterday — remains above the required 200p level until then.

Mr Glynn, who received £1.22 million in pay and bonuses in 2011, could go on to collect another three million shares in the next two years if